Category Archives: Debt Ceiling

Under President George W. Bush you helped take a surplus and turned it into a record setting deficit of $1.85 trillion in his last budget year 2009; yes, 2009 is President Bush’s last budget year, just as 2017 will be President Obama’s last budget year. After five years under President Obama, the federal deficit has been cut in half to $672 billion, no thanks to your efforts to stop any improvement in the American economy.

We have record debt and deficits because you chose to fund two wars without raising taxes; we are still paying for those wars and you cannot lower the deficit, or decrease the debt, on the backs of those who answered the call to go to war; as much as you would like to, you cannot suddenly defund the VA or stop paying benefits for those who served.

You cannot reduce the deficit by refusing to raise the debt ceiling, which you know – or should know if you paid attention in Civics class – will not add one penny to either the federal deficit or the national debt; you cannot reduce the deficit by refusing to pay for bills we’ve already incurred.

For the record, you also cannot reduce the deficit by defunding the Affordable Care Act (Obamacare) – it is federal law; upheld by the United States Supreme Court and ratified by a majority of American voters in 2012; on top of all this, no matter how many times you vote to defund it (42 times to date) and no matter how much money you waste by holding those votes ($50 million at last count) such an effort will never be passed by the Senate or signed into law by the President.

Finally, saying you will “shut down the government” if Obamacare is not defunded is nothing short of domestic terrorism – FYI; the United States does not negotiate with terrorists, so stop trying to hold our country hostage to your demands; when you get a minute you should also probably look into how well shutting down the government worked out for the last Republican controlled House to do so.

The White House is saying the so-called “bi-partisan” debt ceiling deal “removes the cloud of uncertainty over our economy at this critical time, by ensuring that no one will be able to use the threat of the nation’s first default now, or in only a few months, for political gain;

“Locks in a down payment on significant deficit reduction, with savings from both domestic and Pentagon spending, and is designed to protect crucial investments like aid for college students;

“Establishes a bipartisan process to seek a balanced approach to larger deficit reduction through entitlement and tax reform;

“Deploys an enforcement mechanism that gives all sides an incentive to reach bipartisan compromise on historic deficit reduction, while protecting Social Security, Medicare beneficiaries and low-income programs;

“Stays true to the President’s commitment to shared sacrifice by preventing the middle class, seniors and those who are most vulnerable from shouldering the burden of deficit reduction; the President did not agree to any entitlement reforms outside of the context of a bipartisan committee process where tax reform will be on the table and the President will insist on shared sacrifice from the most well-off and those with the most indefensible tax breaks.”

The “deal” – if approved by both houses of Congress (something that remains to be seen) – “immediately enacts a 10-year discretionary spending caps generating nearly $1 trillion in deficit reduction; balanced between defense and non-defense spending.”

The “deal” authorizes the President (by Congress – if it passes) to increase the debt limit by at least $2.1 trillion, eliminating the need for further increases until 2013. Everyone needs to understand that the financial side of all things in government originates in the United States House of Representatives – currently controlled by the Republican Tea Party (GOTP) – and it’s upon their collective shoulders that debt originates from. The President can’t spend a dime without Congressional – particularly the House – approval.

The “deal” creates a bipartisan committee (also being dubbed the uber-committee) process tasked with identifying an additional $1.5 trillion in deficit reduction, including from entitlement and tax reform. Committee is required to report legislation by November 23, 2011, which receives fast-track protections. Congress is required to vote on Committee recommendations by December 23, 2011. This is something never done before; it’s extra-constitutional in nature and will prove interesting to see how – or if – it functions, and to see if its creation – or decisions – isn’t soon challenged before the Supreme Court.

The “deal” also creates an “enforcement mechanism” established to force all parties – Republican and Democrat – to agree to balanced deficit reduction has been put in place so that if the uber-committee fails, then the enforcement mechanism will trigger spending reductions beginning in 2013 – split 50/50 between domestic and defense spending. Enforcement protects Social Security, Medicare beneficiaries, and low-income programs from any cuts. It’s the Terminator for budget reduction; of course once it is released it will be fascinating to see if it can be controlled, or if it will simply run a muck through the halls of Congress saying “Hasta la vista, baby”.

The bi-partisan “deal” – if approved – supposedly removes the cloud of economic uncertainty until 2013, eliminating the economy to move forward without the mill stone of the Tea Party Congress dragging it down; which is a good thing since most independent analysts, economists, and ratings agencies – meaning anyone not on the payroll of FOX PAC and the Heritage Fundation (yes it’s a deliberate misspelling) – have all made clear that a short-term debt limit increase would create unacceptable economic uncertainty by risking default again within only a matter of months and as S&P stated, increase the chance of a downgrade. By ensuring a debt limit increase of at least $2.1 trillion, this deal removes the specter of default, providing important certainty to our economy at a fragile moment. The plus side is – if Congress approves it – that this puts the crazies in the closet until after the 2012 election when hopefully most of them have been defeated and the Congress can reach a normal level of grid-lock as compared to the Mad Hatter’s Wild Tea Cup Ride we’ve all been exposed to of late.

The “deal” is supposed to provide more than $900 billion in savings over 10 years by capping discretionary spending including savings of $350 billion from the base defense budget; which are the first defense cuts since the 1990s and which are supposed to be implemented based on the outcome of a review of our missions, roles, and capabilities that will reflect the President’s commitment to protecting our national security. Which means these cuts may never happen at all. To be sure the war rabid Tea Party members of Congress will never vote to cut defense spending, not while the specter of “Islamic Fascism” is repeatedly resurrected whenever FOX PAC needs a ratings boost.

But it doesn’t just cut defense spending; the other $550 billion will be taken from domestic discretionary spending, which will – if approved – drop to the lowest level since Dwight D. Eisenhower was President (1953-1961).

Allegedly the “deal” is designed to achieve balanced deficit reduction, consistent with the values the President articulated in his April Fiscal Framework. The discretionary savings are spread between both domestic and defense spending. And the President will demand that the uber-committee pursue a balanced deficit reduction package, where any entitlement reforms are coupled with revenue-raising tax reform that asks for the most fortunate Americans to sacrifice. The fact the President will have the option to push for tax increases may be the deal breaker for the Tea Party Freshman, who claim they will never vote for any tax increase. This appears to be the spoonful of sugar meant to help the medicine of domestic cuts easier to swallow by the Democrats.

Additionally, it appears that the Terminator enforcement mechanism complements the forcing event already in law which is the expiration of the Bush Tax Cuts; it appears it will force the uber-committee’s hand into allowing the Bush tax cuts to finally expire on 1 January 2013. In effect, if the uber-committee fails to come up with balanced deal, it would enable the President to use his veto pen to ensure nearly $1 trillion in additional deficit reduction by not extending the high-income tax cuts. If the President is re-elected – with seems entirely possible – it is certainly probable that the Bush Tax Cuts will expire, with or without a deal from the uber-committee as nothing says the President has to allow them to continue.

While there will be cuts in domestic spending, it appears the President stood firmly against proposals that would have placed the sole burden of deficit reduction on lower-income and middle-class families. This includes not only proposals in the House Republican Tea Party Budget that would have undermined the core commitments of Medicare to our seniors and forced tens of millions of low-income Americans to go without health insurance, but also enforcement mechanisms that would have forced automatic cuts to low-income programs. The Terminator enforcement mechanism in the deal exempts Social Security, Medicaid, Medicare benefits, unemployment insurance, programs for low-income families, and civilian and military retirement. It will be interesting to see where the uber-committee finds places to cut considering all the programs protected. Of course all of this is dependent on whether or not the severely weakened Speaker – John Boehner – has the political muscle to force it through the House.

The Associated Press (AP) is reporting there’s been some sort of agreement met between the Democratic Party and the Republican Tea Party (GOTP) ending the perilous stalemate over raising the debt ceiling that could have ultimately ended in our nation defaulting on its debts for the first time in its history. President Barack Obama and congressional leaders announced the so-called historic agreement Sunday night.

Allegedly the proposed agreement would slice at least $2.4 trillion from federal spending over a decade, a steep price for many Democrats, too little for many Republicans.

Of course it is only a proposed agreement because the jack wagons of the Tea Party have yet to see it and comment on it, much less it hasn’t been voted on by the GOTP controlled House, so, it may be all for nothing.

The deal, with scant time remaining before Tuesday’s deadline for paying government bills, “will allow us to avoid default and end the crisis that Washington imposed on the rest of America,” President Obama said.

Default, the President said, “would have had a devastating effect on our economy.”

Of course Humpty Dumpty (Speaker John Boehner) was all gloom and doom even in reaching an agreement, “It isn’t the greatest deal in the world, but it shows how much we’ve changed the terms of the debate in this town,” he said on a conference call, according to GOP officials. He added the agreement was “all spending cuts. The White House bid to raise taxes has been shut down.”

So, there are no tax increases? That’s OK, those are coming when the Bush Tax Cuts expire, and since the President will be re-elected and the GOTP will probably lose its control of the House because of this nonsense, those cuts are going to become history. Then the wealthiest 2% will once again pay at least part of its share.

It appears the proposed debt increase will carry the country through to 2013; but the Tea Party Cujo’s in the House only want it to carry out for a few months. The President has said he would veto anything less than raising the debt ceiling enough to carry the country through the 2012 elections.

We’ll see if Boehner has the leadership credits to get it passed through the House; if not, then he’s through, though that’s pretty much assured now as the Tea Party smells blood in the water and is going to attack. Frankenstein’s monster has come home. Of course it could very well be that Boehner has found a way to ally moderate Republicans and Democrats to incapacitate the Tea Party freshman; if that’s the case, then the Tea Party’s 15 minutes of fame in the Congress may have passed.

The Associated Press (AP) is reporting that Republican Tea Party (GOTP) favorite, Illinois Congressman Joe Walsh, the fellow who won his race last year by vowing to bring fiscal responsibility to Washington and who has been one of President Barack Obama’s most outspoken critics during the standoff over the debt ceiling, is being sued for more than $100,000 in unpaid child support.

Spit take – clean off monitor – what!? It just doesn’t get any better than when “family values” candidates are caught failing to take care of family. This hypocrite is lecturing others on fiscal responsibility? OK …

The Chicago Sun-Times is reporting that the GOTP freshman congressman’s ex-wife, Laura Walsh, filed the claim against him in December as part of their divorce case, saying he owed $117,437 to her and their three children. The ex-Mrs. Walsh is contending that her dead beat husband loaned his own campaign $35,000 and took international vacations but said he couldn’t afford child support payments because he was between jobs or out of work.

“Joe personally loaned his campaign $35,000, which, given that he failed to make any child support payments to Laura because he `had no money’ is surprising,” Laura Walsh’s attorneys wrote in the motion. “Joe has paid himself back at least $14,200 for the loans he gave himself.”

Wow, really? You’re paying back yourself while not taking care of your kids? But why is this surprising – considering he’s a Tea Party favorite? He’s the backbone of the crowd wanting to keep the top 2% protected while throwing the Greatest Generation under the bus. Just another family values guy who doesn’t understand either the word “family” or “values”. Can’t wait to see the ads his opponent is going to run.

As the debt ceiling lunacy continues, and the rabid Tea Party factions continue to become more and more unhinged, placing the United States’ full faith and credit in danger, and the economic stability of the country at risk, all this while American servicemen and women continue to fight and die in Iraq and Afghanistan, the President should give the Republican Tea Party (GOTP) controlled House until midnight on 1 August to grow up and pass a spotlessly clean raise in the debt ceiling or he should instruct the Secretary of the Treasury to do so under the 14th Amendment of the Constitution.

This is not something that should be considered at any other time, but our country is still at war. 278 Americans have given their last full measure of devotion while the morons on the right have postured and paraded around. 46 have died in recent weeks while Speaker John Boehner pontificates and loses his grip of control. Leadership requires leading and right now he doesn’t have it.

If the President raises the debt ceiling, without the approval of Congress, the GOTP will scream bloody murder and some will cry out for impeachment, while the talking heads (Limbaugh, Hannity, et al) will absolutely come unglued screaming that it’s a takeover, that the socialist dictator has finally made his move, blah, blah, blah; but if the President does this stating to not extend the debt ceiling, while the country is still at war, would be unacceptable and would weaken the nation’s economy when it can ill afford to be weakened he paints the GOTP as unpatriotic, as not caring for either the welfare of the nation or for its military; he comes across as a strong President and as a strong Commander-in-Chief.

Boehner has no control of his caucus, and Majority Leader Cantor has only an illusion of power, because who can lead a rabble? As for the good old boy from Kentucky, Senate Minority Leader Mitch McConnell has already openly declared his top priority is to defeat the President and prevent him from having a second term, so he’s proven where his loyalties are, and they’re not to the nation, they’re to his party.

The President has time to let the GOTP come to its senses, but he needs to back away and tell them flat out they have until 1 August and then he acts. Let them stew in their own juices, and let them fail, while saving the credit of the country. They can scream and rent their clothes, but they will have proven to the vast majority of Americans that they’re loyalties are to puppet masters holding pledges and not to the Constitution they’ve sworn to uphold, and not to the young troops defending the same; they will have proven they’re unfit to hold office. It’s a win/win for the President, but more importantly it’s a win/win for the country.

OK Tea Party, you love America so much, and you love and revere those who have fought and died for your freedoms, and yet you play games with our national security by threatening to undo our economy at a time when American soldiers, marines, sailors and airmen continue to fight and die in Iraq and Afghanistan?

You disgust me. You’re not patriots, you’re traitors. You’re allying yourselves with Al Qaeda and every other terrorist group and enemy of our Republic.

Michelle Bachmann is a traitor. She’s openly stated she won’t vote to raise the debt ceiling. Are we no longer at war? No, we’re still fighting in Iraq and Afghanistan; 278 Americans have died there in 2011, while she and her Tea Party friends have played games with the country’s economy. Men and women are dying while she’s making glib remarks.

Speaker John Boehner, Majority Leader Eric Cantor and Senate Minority Leader Mitch McConnell are all traitors. They’ve openly colluded with the enemy during a time of war by attempting to bring down the nation’s economy. Men and women are dying while these three screw around with the debt ceiling; 46 have died during the past few weeks while they’ve been opposing raising the debt ceiling. They’ve gleefully endangered our nation’s security while 46 Americans have bled out far from home.

Enough already! Don’t ever speak of your so-called love for this country again, you’ve proven otherwise. Raise the debt ceiling and then play games. Americans are dying while you pontificate! Shame on you! A curse upon you and your posterity, and upon all who support you! You and they do not deserve the rights and liberties you claim to cherish; you are not worthy to lace the boots of those who will willingly go into harms way so you can sit safe and secure with your PAC monies and your fat cat supporters.

Choose you this day for you cannot serve two masters; either support the oath you swore in your respective chambers to protect and defend or support the pledges you swore to the Tea Party, but choose. You cannot serve both, for you will love the one and hate the other; right now it appears you love the pledge and hate the oath.